ADVERTISEMENT
The Moment Nigeria
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
The Moment Nigeria
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport

CBN issues fresh guidelines for foreign currency deposits

by Usman Kadri
June 28, 2024
Reading Time: 1 min read
Nine firms purchase $25.76m from CBN’s retail Dutch auction to repay loans
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedIn

The Central Bank of Nigeria has issued new guidelines for Deposit Money Banks regarding the deposit of foreign currency notes.

This directive was detailed in a circular issued by the Director of Currency Operations, Mohammed Solaja, and posted on the bank’s website on Friday.

The CBN specified that each bank is allowed a maximum daily deposit of $10 million in USD 100 and USD 50 notes.

RELATED STORIES

Ifeoma Okonkwo, CEO of IFGREEN, crowned overall winner at the 7th National MSME Awards 2025

Ifeoma Okonkwo, CEO of IFGREEN, crowned overall winner at the 7th National MSME Awards 2025

July 2, 2025
Fidelity Bank extends relief efforts to Eti-Osa Community with Food Bank Initiative

Fidelity Bank extends relief efforts to Eti-Osa Community with Food Bank Initiative

July 2, 2025

These deposits can only be made at the CBN branches in Abuja and Lagos.

In the circular with reference number COD/DIR/INT/CIR/001/016, the apex bank directed that DMBs must notify the CBN in writing of their intention to make such deposits at least three working days in advance.

Additionally, for smaller denominations of $20 notes and below, the maximum daily deposit is set at $1 million.

“To deepen the foreign exchange market, boost liquidity, and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with correspondent banks”, CBN said.

Next Post
Supreme court affirms conviction of Atuche, ex-Bank PHB boss

Supreme court affirms conviction of Atuche, ex-Bank PHB boss

More Articles...

Ifeoma Okonkwo, CEO of IFGREEN, crowned overall winner at the 7th National MSME Awards 2025

Ifeoma Okonkwo, CEO of IFGREEN, crowned overall winner at the 7th National MSME Awards 2025

July 2, 2025
Primate Ayodele’s prophecy on Peter Obi continues to come to pass

2027: Opposition Coalition adopts ADC 24 hours after Primate Ayodele’s prophecy

July 2, 2025
Fidelity Bank extends relief efforts to Eti-Osa Community with Food Bank Initiative

Fidelity Bank extends relief efforts to Eti-Osa Community with Food Bank Initiative

July 2, 2025
Eid-al-Fitr: FG declares Friday, Monday as public holidays

Coalition: Aregbesola pledges party reform, accepts role as ADC interim secretary

July 2, 2025
Stanbic IBTC Bank Nigeria PMI: Output growth slows but business confidence rises sharply

Stanbic IBTC Bank wins prestigious GTR Award for Best Trade Finance Bank in West Africa

July 2, 2025
2025 Artsforchange Challenge entry opens

2025 Artsforchange Challenge entry opens

July 2, 2025

STANBIC IBTC ADVERT

About Us

Themomentng.com is an online community of reporters and social advocates dedicated to bringing you features, news reports by Africans, but from a global perspective.

Contact Us

+447771081433
+2348051966180(WhatsApp/SMS Only)
Email: themomentng@gmail.com

Categories

  • Business
  • Education
  • Entertainment
  • Events
  • Featured
  • Food
  • Foreign
  • Health
  • Interviews
  • Life and Styles
  • Metro
  • Motoring
  • News
  • Opinion
  • Politics
  • Religion
  • Society
  • Sport
  • Technology
  • Top Story

Follow Us

Facebook Twitter Instagram

Copyright © Themomentng.com. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport